CITIC Securities: Optimistic about the multiple layers of the REITs market construction process, the opportunity for the revaluation of commercial real estate assets.

Citic Securities believes that the continuous contraction of supply in the real estate industry is brewing new opportunities. The hot sale of second-hand houses in first-tier cities also proves the existence of real demand, and previous policies have also been effective. They are optimistic about the construction process of the multi-level REITs market, the revaluation opportunities for commercial real estate assets, and believe that the residential market has a foundation for bottoming out and stabilizing in 2026.